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| Homebase to accelerate store closures | Homebase to accelerate store closures |
| (35 minutes later) | |
| Home Retail Group plans to cut the number of Homebase stores by 25% by 2019, following a review of the chain. | Home Retail Group plans to cut the number of Homebase stores by 25% by 2019, following a review of the chain. |
| The company says a number of its 323 Homebase stores are "unprofitable or are in decline". | The company says a number of its 323 Homebase stores are "unprofitable or are in decline". |
| Home Retail Group, also the owner of Argos, reported a pre-tax profit of £13.5m for the half-year to the end of August, a 5% fall on the previous year. | Home Retail Group, also the owner of Argos, reported a pre-tax profit of £13.5m for the half-year to the end of August, a 5% fall on the previous year. |
| At Argos like-for-like sales, which strip out new stores, rose 2.9% and at Homebase like-for-like sales rose 4.1%. | At Argos like-for-like sales, which strip out new stores, rose 2.9% and at Homebase like-for-like sales rose 4.1%. |
| The review of Homebase identified "inconsistent store operating standards" and a level of sales across the chain that resulted in a "challenged financial model". | |
| As part of the plan to reorganise Homebase, 26 stores have been refitted, which the company says has resulted in "good" overall stales growth. | As part of the plan to reorganise Homebase, 26 stores have been refitted, which the company says has resulted in "good" overall stales growth. |
| But Home Retail Group does not, at the moment, plan to refit all of its Homebase stores. | |
| The company will boost the number of Argos and Habitat concessions within Homebase stores, an experiment which it says has been successful. | The company will boost the number of Argos and Habitat concessions within Homebase stores, an experiment which it says has been successful. |
| Home Retail Group shares are down 5.6%. | |
| Do you work for Homebase? Are you worried about the store closures? You can email haveyoursay@bbc.co | |
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